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The Wall Street Journal says growth slowed in part because "government spending fell and a build up in inventories eased.." Bloomberg News says a "smaller contribution from inventories overshadowed the biggest gain in consumer spending in more than a year."

According to the bureau, "real personal consumption expenditures increased 2.9 percent in the first quarter." Consumers purchase about 70 percent of all goods and services produced by businesses.

Update at 8:44 a.m. ET. Some Numbers.

The quarter-by-quarter growth (at annual rates) over the past year:

— First-quarter 2011: 0.4 percent.

— Second-quarter 2011: 1.3 percent.

— Third-quarter 2011: 1.8 percent.

— Fourth-quarter 2011: 3 percent.

— First-quarter 2012: 2.2 percent.

Update at 8:40 a.m. ET. "Modest, At Best:"

Kathy Bostjancic, director of macroeconomic analysis at the private Conference Board, says in an email to reporters that "following a strong performance at the end of 2011, this most recent growth rate may be called modest, at best." She sees, though, "signs of strengthening in the underlying dynamics of the economy" — including steady consumer spending and hints of an improving housing market.